This article is reprinted with permission from W3C DAO, author: Martin, copyright belongs to the original author.

Recently, the Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, stated that Hong Kong's stablecoin is positioned as a delivery tool, representing another form of fiat currency, with no speculative opportunities. This clear stance delineates the boundary between stablecoins and speculative cryptocurrencies, highlighting its core function as a means of payment.

The Hong Kong "Stablecoin Regulation" will officially take effect in August 2025. This regulation establishes a licensing system for stablecoin activities in Hong Kong and is the world's first comprehensive regulatory framework for fiat-backed stablecoins. The regulation requires issuers to hold 100% of high liquidity reserve assets (such as cash or short-term government bonds) and to undergo regular public audits to ensure currency stability and fund security.

Payment Cost Transformation: Cross-Border Fees Reduced from 3% to 1%

The traditional banking cross-border payment system has significant pain points:

• High Costs: Cross-border payment fees through the SWIFT system can be as high as 3%, and must pass through multiple intermediary institutions for profit sharing;

• Low Efficiency: Transaction settlement takes 1-3 days, resulting in low capital turnover efficiency.

Stablecoins leverage blockchain technology to achieve breakthroughs:

• Cost Reduction: The peer-to-peer transaction model eliminates intermediaries, reducing fees to below 1%;

• Instant Settlement: Real-time clearing significantly enhances capital flow efficiency, especially suitable for high-frequency scenarios such as Greater Bay Area trade and Belt and Road Initiative settlements.

Table: Comparison of Cost Efficiency between Traditional Payments and Stablecoin Payments

Regulatory Design to Prevent Speculation: Curbing Speculation from the Source

• Asset Reserve Transparency: Issuers must report reserve status daily to ensure a 1:1 full collateralization, avoiding risks similar to the collapse of algorithmic stablecoins like TerraUSD;

• Functional Restrictions: Fiat-backed stablecoins only support international payments and settlements, prohibiting secondary market trading, leverage, or derivative designs, cutting off speculation possibilities from application scenarios;

• Real-name System and Anti-Money Laundering: All transactions must complete KYC (Know Your Customer) verification, with on-chain fund flows fully traceable, eliminating anonymous speculation.

Practical Application Scenarios: Enhancing the Efficiency of the Real Economy

• Corporate Cross-Border Trade: State-owned energy enterprises and CITIC Group have applied for licenses, planning to use stablecoins for corporate settlements in the Greater Bay Area, expected to reduce exchange costs by 3%-5%;

• Inclusive Finance: The cost of cross-border remittances for Southeast Asian laborers has dropped from 7% to below 1%, and small and micro businesses can achieve automated collections through smart contracts;

• Gold and Commodity Trading: Hong Kong is simultaneously advancing the construction of an international gold trading center, using stablecoins as a tool for cross-border settlement of precious metals, achieving full-chain digital upgrades from warehousing, trading to settlement.

Christopher Hui pointed out: "Stablecoins are an extension of fiat currency, and their mission is to enhance economic efficiency, not to create speculative bubbles."

The implementation of the "Stablecoin Regulation" marks a paradigm shift in Hong Kong's financial infrastructure: through stringent regulation, low-cost, and high-efficiency payment tools, Hong Kong is integrating stablecoins into the bloodstream of the real economy, becoming a key technological variable in the global trade "de-dollarization" wave.

In the next six months, with compliant issuers coming into play and the launch of offshore Renminbi stablecoins (CNH), this tool may become a key driver for the internationalization of the Renminbi and the autonomy of cross-border payments.

Related: The Japanese Web3 Revolution is Timely: The Prime Minister Attends the WebX Summit, Major Exchanges Compete for New Markets

Original: “Hong Kong's Stablecoin is a Delivery Tool, Not a Speculation Opportunity”

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